Jim Pillsbury's Web Blog

Tuesday, October 13, 2009

A tax deal, left us 535 million short

Last year Beacon Hill approved incentives for business in our State, which will cost us 535 million dollars over the next 8 years. This gimme was to entice businesses, which turns out, let some businesses to sidestep certain tax liabilities.

This happened under Deval's watch and it turns out that 128 corporations that will claim deductions of 178.1 billion, which will cost us 535 million. Three of the largest corporations in the state will benefit the most.

While I do believe small business will lead us out of trouble in the future, tax breaks for the biggest of companies may only serve to keep things the way they are, the rich get richer.

Tax and Regulate cannabis Hearing

There will be a hearing by the Mass. legislature's Revenue Committee on H 2929*, " An Act to regulate and tax the cannabis industry" on Wed. Oct. 14 at 10:00 AM in Room B2 of the State House.

This bill allows those over 21 without fear of prosecution to cultivate cannabis for personal use and to give cannabis to others over 21 years of age.

Not that this bill will make any progress, look for this to be a small part of the finacial solutions and cost savings measures that will be inacted next year, after the Fed's lift the ban on mcannabis to allow industrial hemp.

As many have said for years and years, taxing and controlling this innocuous plant would create untold revenue for the Sate and country and help cut the incredibly expensive enforcement of draconian laws, all designed to keep hemp from competing with the chemical industry.